>


Advertisement
Hot News
for your iPhone
for your iPad
Go to our forums to discuss this news
DATE News (chronologically)
09/13/13
nassprint
Gene Hass ordered to forfeit $1 million on home sale  
Gene Haas
Let this be a lesson to those in the market for a pair of South Florida oceanfront mansions. Instead of sending someone to bid $12.4 million of your fortune at a live auction, consider showing up to wave the paddle yourself. That mistake may have cost California businessman and NASCAR team owner Gene Haas more than $1 million. A Miami-Dade judge ruled this week that Haas reneged on his high-stakes winning bid for two Golden Beach homes in 2011 and must fork over his deposit plus interest.

Haas sent a proxy to the auction, which took place in the living room of one of the two palaces up for bid. Brothers Robert and Steven Fox owned their estates at 229 and 401 Ocean Blvd. since 1990. When the retired cardiologists and their wives decided to downsize into neighboring Hollywood Beach condos a few miles north on A1A, they put their Golden Beach homes up for sale for about $24 million total. But after two years with no buyers, the brothers took a radical approach: They held an absolute auction on Nov. 10, 2011. About 15 bidders applied and were vetted, including Lake Worth developer Albert Wadsworth, who represented Haas. Haas, bidding through Wadsworth, didn't want just one of the houses - he wanted both.

The auction ended with Haas' successful $12.4 million offer for the two luxury properties. But when it came time to sign the paperwork, Wadsworth backed out. Haas never bought the homes. The brothers sued Haas' company, Haas Automation, for breach of contract, demanding the $1 million deposit that Haas placed in escrow in advance of the auction. Miami-Dade Circuit Judge Beth Bloom ruled in favor of the Foxes, and on Tuesday ordered Haas to turn over the deposit and about $87,000 in interest. Haas plans to appeal the decision, his attorney said. Miami Herald
Hot News Archives
2000 2001 2002 2003
2004200520062007
2008200920102011
2012201320142015

Search Hot News
Search Help